You're still single, in your 20s and fresh out of school. You have a solid job in your chosen field. Despite the nation's financial crisis—which has your parents' nerves on edge—you and your friends feel carefree. You all live in apartments, and spend your discretionary cash on entertainment, eating...

In some ways, it's both the best of times and the most challenging of times for home buyers. Many properties are on the market for amazingly low prices, like the clearance merchandise now overloading the shelves of retail chains. Moreover, mortgage rates are exceptionally low.

Real estate specialists who view the economy on a large screen are confident that those with the nerve to buy a home in the current market will one day be glad they did—particularly if they're now able to capture a quality property in a desirable neighborhood at a bargain price.